Fail to Plan, Plan to Fail
Do you already have a funeral plan? Although the growth in funeral plans taken out, specifically by the over 50s is growing rapidly only 12% of people over 50 years of age currently have a prepaid funeral plan.
In the first half of 2014 over 70,000 prepaid funeral plans have been taken out, that's more than all the plans taken out in 2008. Did you also know that funeral costs are rising year on year and they're rising more quickly than inflation?
In a recent survey carried out by Mintel however it suggests that the majority of the over 50s are happy to consider their own funeral and funeral planning needs.
It should come as no surprise really that prepaid funeral plan sales are on the increase. The UK population is getting older as well as being more connected. Silver surfers are the fastest growing sector of internet users. Put those two facts alone together and it makes sense that as people think more about the long term future that they also have greater access to information to help with all aspects of end of life planning.
Emotionally and for family relationships this time is priceless and should be enjoyed to the full of course but, with an expected 20+ years to go after retirement for the majority of people, there's no escaping the financial implications of a longer healthier life.
The number of people in the UK that have a will is far lower that you might imagine, it seems to be one of those things on everyone of a certain ages to do list but never quite gets done. There are plenty of will writing services about, some online are even free so there's no excuse for not getting it done.
And what about some actual estate planning? It's not as expensive as you might think and can quite simply save thousands of pounds in the future. The time and investment needed now is tiny in comparison to the potential cost to you and your loved ones after your passing.
So, rather than look at the inevitable as something to avoid discussing the sooner you get "your ducks in a row" the sooner you can have peace of mind for you and your loved ones and know that you've secured a stronger financial position now and in the future.
Then, live life to the full and dance like no one's watching!
- Posted 9th October 2014